A Study Suggests that Rich Nations are Indebted to Poorer Countries for $192 Trillion Due to their CO2 Emissions.

Wealthy Countries Should Pay $192 Trillion as Compensation for Excessive CO2 Emissions by 2050, per Study

Industrialized and other wealthy nations are being called upon to pay almost $200 trillion to low-income countries due to their excessive burning of carbon dioxide, says research from the University of Leeds and University of Barcelona. The study offers an opinion on the ongoing issue of climate change, which is disproportionately affecting countries that are already struggling.

A study published Monday found industrialized nations responsible for excessive levels of carbon … [+] dioxide emissions, are financially liable for the damages.

AP/Branden Camp

Key Facts

The study, which was published in the journal Nature Sustainability on Monday, presents the first plan for holding countries liable for their excessive CO2 emissions. It solicits funds of $192 trillion by 2050 to compensate for damages caused.

Climate scientists assumed that the atmosphere is a commons and calculated an equal “fair share” of the total carbon budget for 168 countries based on their population size using global carbon budgets for climate targets. They also discovered that some countries had already exceeded their fair share, mainly industrialized countries from the global North.

The study discovered that the global North, including the United States, Europe, Canada and Australia, is responsible for $170 trillion of the compensation, while the remainder of the $192 trillion come from high-emitting countries in the global South, such as Saudi Arabia and the United Arab Emirates.

Low-emitting countries would receive approximately $6 trillion per year for decarbonizing their economies more quickly than the required rate, as stated by researchers.

Big Number

The study discovered that the US alone may owe more than $80 trillion over the next 25 years. However, other countries that have successfully kept their carbon emissions under check may be entitled to receive compensation during this period. According to the study, India could receive up to $57 trillion in compensation.

Crucial Quote

“It is a matter of climate justice that if we are asking nations to rapidly decarbonise their economies, even though they hold no responsibility for the excess emissions that are destabilizing the climate, then they should be compensated for this unfair burden,” said Andrew Fanning, one of the researchers who published the study.

Key Background

The Global Project, which found that an annual decrease of 1.4 billion tons of carbon dioxide is required to achieve zero emissions by 2050, estimated that ignoring excessive CO2 emissions would have dire consequences. Scientists have been emphasizing this target for years, as increased emissions results in greater global warming. In 2015, several countries signed the Paris Agreement in a commitment to reduce their carbon emissions. Last year, the United Nations cemented climate negotiations among almost 200 countries by agreeing to establish a fund to aid poorer countries in managing climate disasters exacerbated by emissions from wealthier nations. Though the fund’s specifics are still being worked out, it’s unclear which countries will contribute or where the money will go. Prior to last year’s agreement, countries like the United States were opposed to payments out of fear of legal repercussions.